BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm

BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm

May 14 (Bloomberg) -- Refiners must be ready for oil prices to rebound to more than $100 a barrel on growing consumption in Asia, said Mukesh Ambani, Asia’s richest man.

“We have to again be actively prepared to see a three- digit oil price” amid sluggish refining growth and higher marginal cost of production at new fields, Ambani, chairman of Reliance Industries Ltd., said in a speech at a conference in Mumbai today.

Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm

Think you missed the point 1-2 Follow.....

The statement was in regard to demand in ASIA....not in regard to the oil rig leak issue....

There is no evidence of any 'hidden' supplies of super oil fields not being tapped and none new ones found for decades - so with population and consumption (and demand) growing massively and unsustainably - I think there is no doubt that geological limits and supply limits (along with this peaking demand and our entire lifestyle and economy addicted to cheap oil) are very real issues behind increasing oil prices....

as much as we know how many things are manipulated - we cant escape that fact - that humans are demanding and using more oil than can be produced...

so perhaps this issue is less manipulated than you imply....

get ready for oil prices to continue increasing....recessions to followfurther oil and energy wars....and a forced downsizing and a turn towards healthy re-localisation rather than relying on unsustainable globalisation - completely dependent on endless amounts of cheap oil....

Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm

Walk...ride a bus...ride a bike!!! I live in a small city where everything I need does not require a car. If I want one I just rent it for what I need to do...I have not spent a dime on gas/oil for over 5years...

Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm

Think you missed the point 1-2 Follow.....

The statement was in regard to demand in ASIA....not in regard to the oil rig leak issue....

There is no evidence of any 'hidden' supplies of super oil fields not being tapped and none new ones found for decades - so with population and consumption (and demand) growing massively and unsustainably - I think there is no doubt that geological limits and supply limits (along with this peaking demand and our entire lifestyle and economy addicted to cheap oil) are very real issues behind increasing oil prices....

as much as we know how many things are manipulated - we cant escape that fact - that humans are demanding and using more oil than can be produced...

so perhaps this issue is less manipulated than you imply....

get ready for oil prices to continue increasing....recessions to followfurther oil and energy wars....and a forced downsizing and a turn towards healthy re-localisation rather than relying on unsustainable globalisation - completely dependent on endless amounts of cheap oil....

Quoting: Cultivator 967260

yeah i guess i jumped to the oil leak and didn't read the whole thing.

they've been using the asia excuse for a few years now. it's still all just an excuse though. it's been up and down since then. does use in asia fluctuate that much over the last year or two to make the price go up and down between $60 and $140?

"As of 10:18 a.m. EST, on the 23rd day of July, I officially declare this the day your DOW DOOM died. 9000 has just been breached." - the 1-2

For the record, the only page as of today belongs to the same blog where the article of 2005, "Last glimpse of an age coming to an end - Satellite Photo", includes this photo [link to engforum.pravda.ru]

"Coincidentally", what are the news from today? (1)

Did I read in those news that it begun with a sinking oil rig?LAST PROPHET's words from 1998, with photo archived first 2002 [link to web.archive.org]

Note(1) previous text was posted by Last Prophet immediately after the news broke out about a drilling rig that sank in the Gulf of Mexico

Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm

THANK GOD! I work in the oil patch, I need to pay off a $300 000 line of credit.

Not from OUR POCKETS, Thank you!

Quoting: Anonymous Coward 849411

Yes from Your pockets THANK YOU..... You act like WE are the ones taking it.... I mean seriously WE are honest people doing an honest job but yet You act like We are the enemy..... You blaming us is like blaming the construction workers on the rise of home prices...

We just wan't to be able to work thats all. Our jobs are related to the price of oil and natural gas. When the price is high WE have unlimited work while when its low We might get lucky to get 5 months a year...

All were asking for is the potential to work nothing more nothing less. It's not like were breeding like roaches and living on welfare which You seem to think we are.

Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm

THANK GOD! I work in the oil patch, I need to pay off a $300 000 line of credit.

Not from OUR POCKETS, Thank you!

Quoting: Anonymous Coward 849411

Another fact You probably don't know. The gulf of mexico is primarily natural gas. The gulf provides 25% of our countries energy needs mainly for electricity. I'm not saying its 100% natural gas I am saying more than likely close to 80%..

So even if petroleum goes through the roof We could still be sitting at home. Now if natural gas goes up to 6 to 8 We would be working our butts off.....

Another thing whats all the fucking hostility.... I don't see You attacking the evil insurance companies which produces nothing but a promise. At least the oil company produces a product that can be used and touched unlike the insurance companies.

Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm

BP's Statistical Review of World Energy, published yesterday, appears to show that the world still has enough "proven" reserves to provide 40 years of consumption at current rates. The assessment, based on officially reported figures, has once again pushed back the estimate of when the world will run dry.

However, scientists led by the London-based Oil Depletion Analysis Centre, say that global production of oil is set to peak in the next four years before entering a steepening decline which will have massive consequences for the world economy and the way that we live our lives.

Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm

A North Sea oil and gas exploration rig is on its way from Scotland to the North Falkland Basin to explore reserves. Scientists believe that the territory could have up to 60 billion barrels of oil underneath its coastal waters.

The world's biggest oilfield is Ghawar in Saudi Arabia. It is thought to contain 80 billion barrels. The largest oilfield in the North Sea is Forties, which has five billion barrels.

Or is it?

"Two roads diverged in a wood and I, I took the one less traveled by." The Road Not Taken — Robert Frost, 1916 [link to www.bartleby.com]

Re: BREAKING ON BLOOMBERG.... Ambani Says Refiners Must Prepare for $100 or more Oil as New Norm

Ambani is wishing and wishing big. I read an interview in the Economic Times with Dave Ernsberger of Platts. He says Reliance is essentially losing money hand over fist, so I'm quite sure Mr. Ambani would love nothing more than to see $100+ / barrel oil in the very near future. The article even discusses the Chinese factor, especially with the upcoming World Expo in Shanghai and the possible demand increase in direct proportion to that event. However, he states that supplies are plentiful right now, so much so that fully loaded tankers are anchored offshore in many locations due to the lack of demand. Refineries have ramped down production because of the drop in demand as well. He even goes as far to say that this year's hurricane season will likely not have a dramatic effect on oil prices due to the overwhelming surplus in the world. So, essentially it appears Mr. Ambani is most assuredly trying to stir the pot to create a panic scenario for the sheeple, as they always seem to do when profit margins fall short. Not buying this line of bs anymore from the fat cats. Hope you all do the same.